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Gross Domestic Product by State and Personal Income by State, 4th Quarter 2022

March 31, 2023

Real gross domestic product (GDP) increased in 46 states and the District of Columbia in the fourth quarter of 2022, with the percent change in real GDP ranging from 7.0 percent in Texas to –4.3 percent in South Dakota.

Real GDP Percent Change at Annual Rate March31

In the fourth quarter of 2022, as real GDP for the nation increased at an annual rate of 2.6 percent, real GDP increased in 16 of the 23 industry groups for which BEA prepares quarterly state estimates.

  • The mining industry increased in 49 states and was the leading contributor to the increases in real GDP in Texas, the state with the largest increase in real GDP, and in West Virginia, New Mexico, Wyoming, and Oklahoma, the states with the fourth, fifth, sixth, and seventh-largest increases in real GDP.
  • The agriculture, forestry, fishing, and hunting industry decreased in 20 states. This industry was the leading contributor to the decreases in South Dakota, Nebraska, and Iowa, the only states with decreases.

Personal income increased in 48 states and the District of Columbia in the fourth quarter, with the percent change ranging from 15.3 percent in Massachusetts to –2.5 percent in Colorado.

Personal Income Percent Change at Annual Rate March31
In the fourth quarter of 2022, personal income for the nation increased at an annual rate of 7.4 percent. Nationally, increases in net earnings, property income (dividends, interest, and rent), and transfer receipts all contributed to the increase in personal income.
 
  • Transfer receipts increased in 46 states and the District of Columbia, increasing 11.3 percent nationally. The percent change in transfer receipts ranged from 76.1 percent in Massachusetts to –38.5 percent in Colorado. Transfer receipts was the leading contributor to increases in personal income in Massachusetts, Hawaii, California, and Indiana, the states with the largest increases in personal income.
     
  • Earnings increased in all 50 states and the District of Columbia, increasing 6.2 percent nationally. The percent change in earnings ranged from 10.8 percent in Nevada to 1.0 percent in South Dakota.
     
  • Property income increased in all 50 states and the District of Columbia, increasing 8.1 percent nationally. The percent change ranged from 12.1 percent in Utah to 4.6 percent in Kansas.

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